What Will Happen to My Collectibles When I Die?

When it comes to estate planning, even the small stuff is important. Many family members are concerned that their personal property or even their collectibles will not get to the right person or that family members will not understand the value of a collectible. It is important that you take the time to make a list of those items of tangible personal property that should be passed to a specific beneficiary. There are several ways of accomplishing this.

The first option is put provisions in your Will or your Trust and the second option is to create a “tangible personal property list”. This list can be in your own handwriting, dated and signed or alternatively, if it is typed up then it should have two witnesses to verify your signature. These tangible personal property lists should then be kept with your estate planning documents and a copy should be provided to your estate planning attorney.

In addition to making the list there are several ways to manage your collectibles or create an inventory for your successor administrator. The website www.managemycollectibles.com gives collectors information on a multitude of specific software programs that allow collectors to create a database of their own collections and this electronic record can create values, identify works of art, and/or insurance on each item of personal property. If you do not want to do the tangible personal property list and you merely want to allow your children the option to bid or purchase the items at sale, but you want to limit it to family members only, there is a website that can be utilized by your administrator called www.edivvyup.com. This allows your administrator to set up an on-line auction of items of tangible personal property that can only be utilized by a password. The final alternative is to make sure that you give these items of tangible personal property away prior to your death. That ensures that the individual that you wish to have the item gets it and can enjoy it during your lifetime.